Ann: Annual Report to shareholders, page-14

Given the point made repeatedly in the Annual Report's Indian Domestic Iron Ore Market Overview, that strong prices pertained to Fe grades of 60% or better, one would hope that the performance rights vesting criteria change from 58%+ Fe to 60%+Fe. Also, given that more loot is being expended to boost P2+P3 production capacity to 500ktpa....the vesting criteria related to production also get moved up accordingly.

If we are to persist in giving performance incentives KMP, in addition to their base remuneration for building a business, and in addition to hiring project managers and appointing EPC companies - then at least lets align these incentives to what this business is aspiring to.